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Broadfield is serving as legal counsel to Astro Digital, US, Inc. in its proposed business combination with Proem Acquisition Corp I (Nasdaq: PAAC). The transaction values Astro Digital at an enterprise value of approximately $587 million.
The Broadfield team is led by Michael Smith and includes Partner Constantinos Pappas and Counsel Jerry Smith. The Broadfield team worked with professionals at Alvarez & Marsal (Broadfield and Alvarez & Marsal are separate, independent legal entities).
Astro Digital designs, manufactures, and operates mission-configurable satellites for commercial, civil, and defense applications. Since 2018, the company has delivered nearly 40 satellites across 16 mission types and has served more than 30 customers, including NASA, the Department of Defense, Boeing, and Sony.
"We’ve built Astro Digital by delivering for our customers and staying disciplined as we grow. Michael and the Broadfield team understand that approach and have helped us navigate this important next step."
Chris Biddy
Co-Founder and Chief Executive Officer of Astro Digital
"As we plan for global expansion, we need advisors who can connect the legal and tax considerations with our operational priorities. We value Broadfield’s practical approach and look forward to working with the team as we evaluate new markets."
Michael Wilson
Chief Financial Officer and EVP of Operations of Astro Digital
"We’re pleased to advise Astro Digital on this transaction and help its management team prepare for life as a public company."
Michael Smith
Partner, Broadfield
The proposed transaction includes approximately $50 million in private investment in public equity (PIPE) financing, led by Proem Asset Management and Leon Capital Group. Together with up to $130 million in Proem’s trust account, assuming no redemptions, the transaction is expected to generate up to approximately $180 million in gross proceeds.
Upon closing, Proem will be renamed Astro Digital Holdings, Inc., and the combined company is expected to trade on Nasdaq. Closing is anticipated in the first quarter of 2027, subject to Proem shareholder approval, a $30 million minimum cash condition, the effectiveness of a registration statement on Form S-4, and other customary closing conditions.
